Globe Specialty Metals - einer der größten m-Si Produzenten - 500 Beiträge pro Seite

[meinolf67]

Habe eben diese WKN entdeckt, so daß ich ab jetzt nicht mehr im alten unter Timminco aufgehängten Thread (Thread: Globe Specialty Metals - SI-Produzent) posten werde.

[meinolf67]

Zahlen für das am 30.6.2008 beendete Geschäftsjahr sahen gut aus.

KGV aktuell etwa knapp 6. Und Q1 des laufenden Jahres würde hochgerechnet ein KGV von 3 ergeben.

Nicht in D handelbar allerdings.

[meinolf67]

auch ein umg-SI Player:

Globe Specialty Metals' Solsil unit produces very-high-purity silicon for use in photovoltaic solar cells, by means of a proprietary metallurgical process. We currently supply our industry-leading solar-grade silicon to top-tier manufacturers of silicon ingots, wafers and photovoltaic cells. The solar photovoltaic industry, generating clean electricity from sunlight, is today growing at more than 30% per annum according to Photon Consulting.

Solsil was founded in 2006 to develop technology for purifying metallurgical-grade silicon to solar-grade purity levels using metallurgical methods. Since then we have invested millions of dollars in research and development in the field and we continue to strive for continuous improvement in purity and production costs. As of March 2007 our annualized production capacity was 360 metric tons of solar-grade silicon. Our production technology is scalable at lower capital costs than traditional silicon purification processes.

Globe Specialty Metals acquired 81% of Solsil, Inc. in January 2008. Globe is among the world's largest producers of metallurgical and chemical grade silicon, with more than 40 years experience in silicon manufacturing.

[meinolf67]

da kommt der Goodwill her:


Globe Specialty Metals, Inc. signed a definitive agreement to acquire 81.28% stake in Solsil Inc. from D. E. Shaw group, Plainfield Asset Management LLC and certain officers of Globe for $74.32 million.
01/30/2008

Globe Specialty Metals, Inc. signed a definitive agreement to acquire 81.28% stake in Solsil Inc. from D. E. Shaw group, Plainfield Asset Management LLC and certain officers of Globe for $74.32 million on January 30, 2008. As reported under the terms of agreement, Globe will issue 5.62 million new shares of common stock to shareholders and option-holders of Solsil. Alan Kestenbaum will get 1.56 million common shares in exchange for his Solsil shares, the cancellation of his Solsil stock option and the satisfaction of the Solsil bonus obligation. Arden Sims will get 0.38 million shares of Globe in exchange for his Solsil shares and the cancellation of his Solsil stock option. Ted Heilman will get 8,376 shares of Globe in exchange for his Solsil shares. Michael Barenholtz will get 0.07 million shares of Globe in exchange for his Solsil shares. D. E. Shaw group will get 2.25 million shares of Globe in exchange for their Solsil shares and Plainfield Asset Management LLC will get 0.65 million shares of Globe in exchange for their Solsil shares. Following the acquisition, the remaining 18.72% of Solsil will be owned by D. E. Shaw group (5.29%) and Plainfield Asset Management LLC (13.43%). Alan Kestenbaum’s, Chairman and Chief Executive Officer of Globe and Director and Officer of Solsil, and Arden Sims’s, Officer of Globe and Director and Officer of Solsil, employment agreement with Solsil will remain in place. Globe will be party to a stockholders agreement with certain entities in the D. E. Shaw group and certain affiliates of Plainfield Asset Management LLC with respect to Solsil. The agreement will grant them preemptive rights with respect to future issuances of equity securities by Solsil and certain "tag-along" rights with respect to the sale of Solsil stock by Globe. They will grant to Globe certain "drag-along" rights with respect to the sale of their Solsil stock. The acquisition is subject to the satisfaction of certain conditions precedent, including, without limitation, compliance with US FTC pre-merger notification rules and the new shares of Globe to be admitted for trading on AIM. The deal is expected to close in February 2008. CoView Capital, Inc. acted as financial advisor for Globe.

[R-BgO]

29th May 2009
Updated 1 hour 55 minutes ago
TEXT SIZE
Text Smaller Disabled Text Bigger


Globe Specialty Metals, a producer of silicon metal and silicon-based specialty alloys, on Friday posted a 91,5 percent fall in third-quarter profit hurt by slower demand for its products, and said it would cut more jobs to save costs.

"Despite the dramatic downturn in the economy and the unprecedented drop in aluminum and steel manufacturing, this company continues to be profitable and generate positive and stable operating cash flow," Chief Executive Jeff Bradley said in a statement.

"We will make additional permanent cost reductions and continue to rationalize our expense base to match current demand levels," Bradley said.

The company expects additional job cuts in the fourth quarter ending June 30.

Globe also expects to reduce capital expenditure to $20 million annually, from the $46,5-million it incurred for the nine months ended in March.

For the third quarter ended March 31, net income was $900 000 compared with $10,6-million a year ago.

Globe said excluding special items and including a deferred gross margin, which is expected to be realized in the fourth quarter, net income in the third quarter would have been $6,5-million.

Net sales, excluding deferred revenues, fell 40 percent to $76,1-million, the company said.

[R-BgO]

NS Number : 9922S Globe Specialty Metals, Inc 29 May 2009

Globe Specialty Metals Announces Third Quarter 2009 Results

New York, N.Y., May 29, 2009 - Globe Specialty Metals, Inc. (AIM: GLBM.L) (the "Company") today announces results for the quarter and nine months ended March 31, 2009. Key points are as follows:

# Net sales for the quarter were $76.1 million, excluding deferred revenues,

down 40% from the same period in the prior year. Net sales for the nine

months increased 9% to $344.6 million, from the prior year, despite a 19%

decline in shipments.

# Adjusted EBITDA before one-time charges for the quarter, including

approximately $5.0 million of deferred gross margin, discussed below, that

is expected to be realized in the quarter ended June 30, 2009, was $17.6

million, a 35% decrease from the same period in the prior year. Adjusted

EBITDA before one-time charges for the nine months, including the deferred

gross margin, discussed below, that is expected to be realized in the

quarter ended June 30, 2009, was a record $71.8 million, an increase of

39% from the same period in the prior year.

# Cash flow from operations for the quarter and nine months were $7.5

million and $31.6 million, respectively, compared to prior year results of

$8.7 million and $4.7 million, respectively.

The Company posted third quarter net income of $0.9 million, compared to net income of $10.6 million in the same period of the prior year. Excluding one-time charges and including the deferred gross margin, which is expected to be realized in the quarter ended June 30, 2009, the Company would have recorded net income of $6.5 million. The net loss for the nine months was $43.6 million, compared to net income of $18.2 million in the same period of the prior year. Excluding one-time charges and including the deferred gross margin that is expected to be realized in the quarter ended June 30, 2009, the Company would have had net income of $31.5 million for the nine months, a 73% increase over the same period in the prior year.

Capital expenditures were $46.5 million for the nine months and are largely comprised of the expansion and refurbishment of the Niagara Falls plant and the expansion of the Company's electrode manufacturing facility in China. These projects are now largely complete and, going forward, total capital expenditures are expected to be less than $20 million annually.

CEO Jeff Bradley said "Despite the dramatic downturn in the economy and the unprecedented drop in aluminum and steel manufacturing this Company continues to be profitable and generate positive and stable operating cash flow. We will make additional permanent cost reductions and continue to rationalize our expense base to match current demand levels. We began to see the positive impact from these initiatives in the March quarter and expect results to further improve in the June quarter."

Net income for the third quarter includes $3.0 million in pre-tax one-time charges and excludes approximately $5.0 million of pre-tax deferred gross margin as follows:

# A $1.4 million restructuring charge for severance and other termination

benefits related to headcount reductions taken in most of the Company's

facilities. Additional headcount reductions are expected in the quarter

ended June 30, 2009.
# A $1.6 million inventory write-down, primarily representing

lower-of-cost-or-market adjustments at the Company's electrode facility in

China and its Solsil business unit. These write-downs follow the $3.5

million reduction taken in the Company's second fiscal quarter. No further

inventory write-downs are expected.

# Approximately $5.0 million of deferred gross margin is not included in the

quarter ended March 31, 2009 as a result of the sales not complying with

the Company's accounting policy for revenue recognition. We expect to

record this deferred gross margin in the quarter ended June 30, 2009.

About Globe Specialty Metals

Globe Specialty Metals, Inc. is among the world's largest producers of silicon metal and silicon based specialty alloys, critical ingredients in a host of industrial and consumer products with growing markets. Customers include major silicone chemical, aluminum and steel manufacturers, auto companies and their suppliers, ductile iron foundries, manufacturers of photovoltaic solar cells and computer chips, and concrete producers. The Company is headquartered in New York City. For further information please visit our web site at www.glbsm.com.

Forward-Looking Statements

This release may contain ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as ''anticipates,'' ''intends,'' '' plans,'' ''seeks,'' ''believes,'' ''estimates,'' ''expects'' and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the current expectations and assumptions of Globe Specialty Metals, Inc. (the "Company") regarding its business, financial condition, the economy and other future conditions.

Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions including, among others, changes in metals prices; increases in the cost of raw materials or energy; competition in the metals and foundry industries; environmental and regulatory risks; ability to identify liabilities associated with acquired properties prior to their acquisition; ability to manage price and operational risks including industrial accidents and natural disasters; ability to manage foreign operations; changes in technology; and ability to acquire or renew permits and approvals.

Any forward-looking statement made by the Company or management in this release speaks only as of the date on which it or they make it. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, unless otherwise required to do so by the London Stock Exchange AIM Market rules.

Adjusted EBITDA

Adjusted EBITDA and adjusted EBITDA before one-time charges are non-GAAP measures.

We have included adjusted EBITDA and adjusted EBITDA before one-time charges to provide supplemental measures of our performance which we believe are important because they eliminate items that have less bearing on our current and future operating performance and so highlight trends in our core business that may not otherwise be apparent when relying solely on GAAP financial measures. Adjusted EBITDA represents EBITDA as further adjusted by the removal of non-cash share-based compensation costs and goodwill and intangible asset impairment charges. Adjusted EBITDA before one-time charges represents adjusted EBITDA as further adjusted for significant one-time charges which are of an unusual, and / or non-recurring nature. A reconciliation of adjusted EBITDA to net (loss) income and adjusted EBITDA before one-time charges to operating income (loss) is provided in the attached financial statements.

Enquiries:
Globe Specialty Metals, Inc. [phone]

Jeff Bradley, Chief Executive Officer Mal Appelbaum, Chief Financial Officer [phone]


Collins Stewart Europe Limited [phone]

Mark Dickenson/Adam Cowen

GLOBE SPECIALTY METALS, INC.

AND SUBSIDIARY COMPANIES

Condensed Consolidated Balance Sheets


(In thousands)


March 31, December 31, June 30,

2009 2008 2008


(Unaudited) (Unaudited)
Assets

Current assets:


Cash and cash equivalents $ 45,022 55,321 73,994
Restricted cash - 3,580 -
Accounts receivable, net of allowance for doubtful accounts 30,724 40,563 53,801
Inventories 77,000 74,220 63,568
Prepaid expenses and other current assets 23,100 23,241 25,223
Total current assets 175,846 196,925 216,586
Property, plant, and equipment, net 214,777 209,998 180,659
Goodwill 53,068 51,769 107,257
Other intangible assets 3,157 3,497 16,884
Investments in unconsolidated affiliates 7,906 8,194 7,965
Deferred tax assets 1,882 1,590 2,720
Other assets 14,752 14,338 16,103
Total assets $ 471,388 486,311 548,174


Liabilities and Stockholders' Equity

Current liabilities:


Accounts payable $ 19,535 34,546 40,493
Current portion of long-term debt 19,719 17,899 17,045
Short-term debt 11,666 15,066 20,140
Accrued expenses and other current liabilities 42,856 25,808 26,841
Total current liabilities 93,776 93,319 104,519

Long-term liabilities:


Long-term debt 38,510 46,465 52,020
Deferred tax liabilities 18,185 17,340 22,756
Other long-term liabilities 10,437 20,272 22,642
Total liabilities 160,908 177,396 201,937
Minority interest 6,278 7,179 3,956

Stockholders' equity:


Common stock 6 6 6
Additional paid-in capital 301,674 300,166 296,137
Retained earnings 3,022 2,085 46,641
Accumulated other comprehensive loss (496) (521) (503)
Treasury stock at cost (4) - -
Total stockholders' equity 304,202 301,736 342,281
Total liabilities and stockholders' equity $ 471,388 486,311 548,174

[R-BgO]

RNS Number : 0977U Globe Specialty Metals, Inc 18 June 2009

Globe Specialty Metals, Inc. ("Globe" or the "Company")

S1 Filing with the SEC

New York, N.Y., June 18, 2009 - Globe Specialty Metals, Inc. (AIM: GLBM.L) (the "Company") announces that on June 8, 2009 a second amended S1 filing was filed with the SEC. A link to the S1 filings is as follows: http://www.sec.gov/Archives/edgar/data/1383571/0000950123090….

About Globe Specialty Metals

Globe Specialty Metals, Inc. is among the world's largest producers of silicon metal and silicon based specialty alloys, critical ingredients in a host of industrial and consumer products with growing markets. Customers include major silicone chemical, aluminum and steel manufacturers, auto companies and their suppliers, ductile iron foundries, manufacturers of photovoltaic solar cells and computer chips, and concrete producers. The Company is headquartered in New York City. For further information please visit our web site at www.glbsm.com.

[R-BgO]

http://www.sec.gov/Archives/edgar/data/1383571/0000950123090…

[R-BgO]

Antwort auf Beitrag Nr.: 37.435.571 von R-BgO am 21.06.09 14:34:52

325 Seiten...

(der erste Link tat's nicht)

[R-BgO]

es wird so langsam konkret; 9$/Aktie

http://www.sec.gov/Archives/edgar/data/1383571/0000950123090…

[R-BgO]

17.07.2009 21:38
UPDATE 1-Globe Specialty Metals to be first IPO of Q3

NEW YORK, July 17 (Reuters) - Globe Specialty Metals Inc, a New York-based producer of silicon metal and silicon-based alloys, will price its estimated $112 million initial public offering on July 29, and begin trading on Nasdaq the following day, one of the IPO's underwriters said on Friday.

If the IPO prices as scheduled, it will be the first IPO of the third quarter in the United States.

Globe Specialty Metals plans to sell 14 million shares for between $7 and$9 each in a deal led by Credit Suisse, Jefferies&Co and J.P. Morgan , according to an updated prospectus filed on Thursday.

The company plans to trade on Nasdaq under the symbol 'GSM' with some 60 percent of the shares offered in the IPO are held by existing shareholders.

A forebear of the company filed for bankruptcy in April 2003 in part because of fluctuations in the price of raw materials, the company said in its filing.

[R-BgO]

Featured IPO Week of 7/27/09
Featured IPO
Globe Specialty Metals (GSM)
Silicon Rally?

A leading manufacturer of silicon metals and silicon-based alloys, Globe Specialty Metals has an 11% global market share and boasts the lowest average production costs of any supplier outside China and the former Soviet Union. Silicon products have a wide range of industrial applications, from chemicals to automotive parts to solar cells, and though sales stalled across the metals sector at the peak of the recession, Globe's flexible and streamlined manufacturing capabilities kept its bottom line in the black. With signs of a demand recovery on the horizon, the company is planning a float on the NASDAQ (Ticker: GSM) in order to improve its liquidity and ability to access the US capital markets should attractive acquisition opportunities arise (it has been trading on the London AIM since 2005). The company is selling 14 million shares at a proposed range of $7 to $9, which would represent a market cap of $602 million at the midpoint. Credit Suisse, Jefferies and J.P. Morgan are the lead underwriters on the deal, which is expected to price on Wednesday, July 29 and begin trading on July 30.

Aggressive cost controls provide margin upside

Though its production process requires a great deal of energy and raw material inputs, Globe Specialty Metals has a highly variable cost structure underpinning its industry-leading profitability (operating margins reached 19% in the quarter ended June 2008). The company can quickly idle or reactivate furnaces in response to changes in demand, and has the flexibility to shift production mix between facilities to optimize margins. It also has captive mining operations and recently acquired a China-based producer of carbon electrodes in order to control the cost of key inputs. From a fixed cost perspective, the company has trimmed headcount by roughly -40% in the last year and management believes that it can quickly ramp sales volumes with little incremental overhead expense.

Favorable secular trends

Silicon demand is expected to grow 11.5% annually from 2010 through 2013, partially driven by a rebound in industrial activity. In the long run, the fortunes of the silicon market are closely tied to energy; management sees the greatest demand growth opportunity from the solar industry, given that silicon metal is the primary input in the manufacture of photovoltaic cells. At the same time, higher fuel efficiency standards are increasing demand for lightweight aluminum-silicon combinations in automobile parts, while the chemicals industry often uses silicon derivatives as a substitute for petroleum based compounds. Globe's largest customer is Dow Corning (16% of sales), a multi-billion dollar JV between Dow Chemical and Corning which is a major supplier of silicon products and technologies.

Key issues

With March quarter revenues dropping nearly -40% from the prior year and an -86% decline in operating income, recent results clearly demonstrate Globe's exposure to cyclical end markets. Globe's predecessor company filed for Chapter 11 in 2003 after an influx of low-priced imports caused it to default on its debt. China currently has excess silicon metal production capacity, though export taxes and US antidumping provisions should limit pricing pressure for the foreseeable future. Finally, selling shareholders will account for 60% of the offering proceeds and executives received sizeable payouts ahead of the deal.

Buying beta?

The FTSE Renaissance IPO index has advanced 29% on the year, outpacing both the S&P 500 (8%) and the NASDAQ (25%), while the average return for the 14 US-listed IPOs to date is an impressive 39%. Granted, several deals that have gotten done in 2009 have come from defensive sectors or had a stimulus angle (MJN, BPI, GOV). Then again, some of the strongest performers have come from higher beta industries (RST, OPEN, SWI), which we believe is a positive sign for this intriguing recovery play. Although the deal is not being pitched at a bargain price relative to its specialty metals peers, Globe's impressive track record of profitability and appealing margin upside should generate solid investor interest.

[R-BgO]

IPO Overview: Globe Specialty Metals
by: SA Editor Abbi Adest July 28, 2009 | about: GSM
Abbi Adest

Globe Specialty Metals (GSM) is expected to go public this week. The company produces silicon metal, silicon-based alloys and is developing upgraded metallurgical silicon for the photovotaic market.

Business Overview (from prospectus)

We are one of the world’s largest and most efficient producers of silicon metal and silicon-based alloys, with approximately 156,400 MT of silicon metal capacity and 72,800 MT of silicon-based alloys capacity at our principal operating facilities located in the U.S., Argentina and Brazil, and are also a leading developer of upgraded metallurgical silicon (UMG) for photovoltaic (solar) cells. The capital expenditure required to reopen our Niagara Falls, New York facility was substantially completed in fiscal 2009 and will bring our silicon metal capacity to 186,400 MT. According to CRU International Limited (CRU), a leading independent research firm on the metals industry, we currently have approximately 77% of total U.S. capacity, approximately 61% of total North American capacity, and approximately 18% of total “Western World” capacity for silicon metal. CRU defines “Western World” as all countries supplying or consuming silicon metal with the exception of China and the former republics of the Soviet Union, including Russia. In addition to our principal silicon metal products, we produce high-grade silicon-based alloys including magnesium-ferrosilicon-based alloys used to make ductile iron by increasing iron’s strength and resilience, ferrosilicon-based alloys used to increase the strength and castability of grey and ductile iron, and calcium silicon used in steel manufacturing, particularly in modern continuous casting processes. Our silicon metal and silicon-based alloys are important inputs to manufacture a wide range of industrial products, including aluminum, silicone compounds used in the chemical industry, ductile iron, automotive parts, photovoltaic (solar) cells, semiconductors and steel. Finally, we capture, recycle and sell the majority of the by-products generated in our production processes which not only reduces manufacturing costs, but also significantly reduces the environmental impact of our operations.

Offering: 14.0 million shares at $7 - $9 per share. Net proceeds of approximately $40,164,000 will be used for for capital expenditures intended to improve operating efficiencies. The remainder of the net proceeds from this offering will be utilized to fund ongoing operating and working capital requirements, as well as for other general corporate purposes.

Lead Underwriters: Credit Suisse, Jefferies, J.P. Morgan

Financial Highlights: Net sales for our reportable segments for the nine months ended March 31, 2009 was $344,610,000 compared to $316,751,000 the nine months ended March 31, 2008... Cost of sales for our reportable segments for the nine months ended March 31, 2009 was $257,714,000 compared to $251,378,00 in the nine months ended March 31, 2008 an increase of 2.5%... Gross margin represented approximately 25% of sales in the nine months ended March 31, 2009 compared to approximately 21% of sales for the same period in 2008. This is an improvement in gross margin of approximately 19%, primarily reflecting higher average selling prices only partially offset by higher power costs, inventory write-downs, and lower capacity utilization.

Competitors:

Our primary competitors are Elkem AS, owned by Orkla ASA, and Grupo Ferroatlantica S.L. In addition, we also face competition from other companies, such as, Becancour Silicon, Inc., Rima Industrial SA and Ligas de Alumino SA as well as producers in China and the former republics of the Soviet Union. We have historically proven to be a highly efficient low cost producer, with competitive pricing and manufacturing processes that capture most of our production by-products for reuse or resale. We also have the flexibility to adapt to current market demands by switching between silicon-based alloy and silicon metal production with reasonable switching costs.

[R-BgO]

UPDATE 2-Globe Specialty IPO price for $7, within range
Wed Jul 29, 2009 9:13pm EDT

Email | Print |
Share
| Reprints | Single Page
[-] Text [+]
Market News
S&P eyes 1,000 but could be ripe for retreat
Oil gains on economic optimism
Oil jumps nearly 4 pct on economic optimism | Video
More Business & Investing News...

(Adds background on earnings, sales)

NEW YORK, July 29 (Reuters) - Globe Specialty Metals Inc (GSM.O) shares priced for $7 in the silicon metal producer's initial public offering on Wednesday, within the estimated range.

Globe Specialty Metals, whose shares are set to begin trading on Thursday on Nasdaq under the symbol "GSM" had estimated the shares would price between $7 and $9.

The company sold 14 million shares, 60 percent of which are held by existing shareholders, raising $98 million in a deal underwritten by Credit Suisse (CSGN.VX), Jefferies (JEF.N) and JPMorgan (JPM.N).

The underwriters have an option to purchase a maximum of 2.1 million shares to cover over allotments.

A predecessor of the company filed for bankruptcy in April 2003 in part because of fluctuations in the price of raw materials, the company said in its filing.

The company said in its prospectus sales had declined 49 percent between September and March.

Globe Specialty predicted in the prospectus that despite soft demand for cars in the United States, consumer and regulatory pressures to be more fuel-efficient would lead to more demand for their products.

For the nine months ended March 31, 2009, the company had a net loss of $43.6 million, though sales rose 8.8 percent to $344.6 million over the year earlier period.

[R-BgO]

Globe Specialty Metals Schedules First Quarter 2010 Earnings Investor Call for November 13, 2009

NEW YORK, Nov. 9, 2009 (GLOBE NEWSWIRE) -- Globe Specialty Metals, Inc. (Nasdaq:GSM) ("GSM") announced today that it will report first quarter 2010 financial results and will discuss GSM's business outlook on Friday, November 13, 2009. GSM invites all interested persons to participate on its conference call at 9:00 a.m., Eastern Time. The dial-in number for the call is 800-263-8506. International callers should dial 719-457-2715. Please dial in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast available on the GSM website at http://investor.glbsm.com. Click on the November 13, 2009 Conference Call link to access the call.


Date: November 13, 2009
Time: 9:00 AM ET

Listen via Internet: http://investor.glbsm.com/

[R-BgO]

Globe Specialty Metals Announces First Quarter Fiscal 2010 Results

NEW YORK, Nov. 12, 2009 (GLOBE NEWSWIRE) -- Globe Specialty Metals, Inc. (Nasdaq:GSM) (the "Company") today announces results for the quarter ended September 30, 2009. Key points are as follows:


* Net sales for the quarter were up 29%, to $105.5 million, from
the previous quarter. Tons shipped increased 25% from the
previous quarter.

* Operating income was $12.3 million in the quarter compared to
$0.9 million in the previous quarter.

* EBITDA for the quarter increased 62% from the previous quarter
to $19.9 million. EBITDA includes charges for non-cash stock
compensation.

* EPS for the quarter was $0.12 per diluted share compared to
$0.02 in the previous quarter.

The Company posted first quarter net income attributable to GSM shareholders of $8.4 million, or $0.12 a diluted share, compared to net income of $1.6 million or $0.02 per diluted share in the June 2009 quarter and $17.0 million or $0.20 per diluted share in the first quarter of last year.

Shipments in the quarter increased 25% from the June 2009 quarter as a result of continuing improvements in our customers' businesses.

Capital expenditures were $4.3 million in the quarter which is in line with our quarterly expectation for the remainder of fiscal 2010.

The Company generated $24.7 million of operating cash flow in the quarter largely as a result of cash earnings and working capital reductions. Cash and cash equivalents totaled $114.0 million at September 30, 2009, which included $36.5 million of proceeds from our initial public offering. As sales volumes increased in the quarter, we saw higher levels of accounts receivable, but inventory levels continued their decline. We would expect raw material inventory levels to rise somewhat in our second quarter as we have reopened our Niagara Falls plant.

On November 5th we closed two major transactions with Dow Corning for gross proceeds to Globe of $175 million. We formed a joint venture with Dow Corning at the Alloy, West Virginia silicon metal facility and sold the Brazilian operation to Dow Corning.

"The increase in our first quarter earnings from the previous quarter, which was driven by higher volumes, reaffirms our significant potential," said CEO Jeff Bradley. "Our production levels, sales and earnings continue to rise as our customers see an improved business environment."

Bradley continued, "The transactions we just completed with Dow Corning provide us with an even stronger foundation for long-term profitable growth than at any time in our history. Our strong balance sheet and cost structure, the drive and dedication to excellence of all employees and our ability to react to the markets we serve will fuel this growth."

Conference Call

Globe will review first quarter results during its quarterly conference call tomorrow, November 13, 2009, at 9:00 a.m. Eastern Standard Time. The dial-in number for the call is 800-263-8506. International callers should dial 719-457-2715. Please dial in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast available on the GSM website at http://investor.glbsm.com. Click on the November 13, 2009 Conference Call link to access the call.

[R-BgO]

Globe Specialty Metals to invest in UMG-Si production expansion
24 November 2009 | By Mark Osborne | News > Fab and Facilities


The reopening of Globe Specialty Metals metallurgical grade silicon production plant in Niagara Falls, NY State opens the way for the company to invest heavily in expanding its UMG-Si capabilities to the tune of US$60 million over a two-phase investment plan.

Globe said that it has restarted its two furnaces at the plant and has upgraded the equipment used to produce approximately 30,000MT of metallurgical grade silicon each year. A new US$35 million facility will be built to produce 4,000MT of UMG-Si, approximately equating to 500MW, per annum. The project is expected to create a total of 500 jobs.

Solar cell manufacturing start-up, SpectraWatt is already a customer of Globe and has secured UMG-Si supply from Globe.

Globe said that US$27 million had been allocated to modernizing and improving emission controls equipment in order to meet or exceed all environmental standards. Old buildings have been demolished and unnecessary equipment removed from the site.